26 May Question How would you define statistics? How is statistics used in business decision making?
Question
· What is the importance of statistics in business decision making? Describe a business situation where statistics was used in making a decision.
How would you define a variable? What is the difference between a dependent and independent variable? Do you think we use both variables in every research? Explain why or why not. Provide examples.
· How would you define dependent and independent variables? What is their significance in research? Explain with examples.
· What are the four data measurement scales? Explain with examples. Which level of measurement is lowest and why?
· How do we define measurement? What are various levels of measurement? How do you select measurement levels when developing a survey or data collection tool? Explain with examples.
· What are data? What is the relationship between data and variables? What is your understanding of meaningful data?
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